Retail Innovation Visual AI Blog 6 Powerful AI Applications That Can Impact Your Business Today Ofer Fryman June 4, 2020 4 Min Read AI has been around for years, yes. But the current challenge companies worldwide are facing is bringing about use cases that when executed correctly, can have a significant impact. For companies planning to use and invest in AI, here’s a list of 6 proven-impact applications that are helping organizations thrive even in challenging times. 1. Augmenting staff to speed up operations Businesses have back-office tasks that are structured, repetitive, and can be automated. Examples include payroll, order cancellations, insurance claims, and more. Recently, airlines had to face a surge in flight cancellations which put a strain on their staff. Using an AI chatbot, AirAsia enables customers to manage flight changes without having to wait hours to talk to an agent. All automatic from start to finish. In healthcare, AI speeds up the process of calculating a patient’s probability of infection. For non-critical ailments, AI helps in diagnosing patients’ issues during online consultations. Other related use cases that you can explore for your business include the adoption of AI robots to facilitate online education and goods delivery. 2. Recognizing products and recommending similar ones As more people shop online, technologies that facilitate smooth digital shopping experiences across channels will increase in importance. Facebook, for instance, will soon introduce an AI tool that identifies and recommends shoppable products to users. Another company that specializes in product recognition is Syte. Our proprietary AI-powered technology provides retailers the ability to let their customers search with images. It identifies all shoppable products in photos, delivers personalized recommendations, and automates the product tagging process to help you reduce costs. 3. Onboarding new customers with AI Social distancing for an indefinite period will increase digital transactions and experiences. Besides eCommerce, another growing sector is digital payments. Across banks and fintech solutions, one of the issues in user acquisition is security. AI can assist in identifying and verifying documents, as well as screening for regulatory and financial risks. AI helps ensure customer onboarding is seamless and secure. 4. Refocusing marketing and sales efforts Not only is consumer behavior shifting but also consumer confidence. This poses uncertainty and ongoing risks to businesses. To engage leads and stay on top of mind with customers, you can use AI. Ramp up your funnel with AI tools to generate meaningful insights that will support marketing and sales initiatives. You can also create predictive models to identify and prioritize leads with the highest propensity to buy. 5. Boosting eCommerce performance with AI-powered personalization The surge in online shoppers has been good for business. But as more companies are left with no choice but to sell online, competition for customers’ attention also increased. How to stand out from the crowd? Personalization. AI enables eCommerce players to provide the most relevant experiences with minimal human intervention. As a result, you can save on cost, maximize marketing campaigns, and increase revenue. Throughout the shopping journey, instances where this can help include dynamic pricing, visual search, localization, website retargeting, and customized recommendations. Ultimately, the goal of using AI in eCommerce is to deliver highly personalized customer journeys—across channels and devices, from search to payments and loyalty. Examples of retailers that excel in personalization are Sephora, Boohoo, and Fashion Nova. 6. Predicting outcomes and supporting decision-making Companies can leverage decision intelligence which is the application of AI models into business decision making. Analyzing multiple sources of data, decision intelligence can help you simplify complex decisions. According to Sajan Kuttappa from IBM, applications include recommendations on how to allocate scarce resources, schedule tasks, and deal with constraints. Moreover, Lynn Wu, a professor at Wharton, shared, “We are on the cusp of a really great change in technology, especially with the rise of artificial intelligence and machine learning. We can use lessons learned from past generations of IT and analytics technologies to inform us about what the future could look like.” For instance, predictive models such as those created by Singapore University of Technology and Design researchers can help inform and guide planning post-pandemic. Leveraging this technology impacts organizations in different ways. But one thing is clear. With the need for cost-effective and agile strategies today, AI will not only help businesses succeed but also adapt in ways that will be beneficial in the long run.